The Philippine Sports Commission (PSC) unveiled plans for the conversion of the Rizal Memorial Coliseum into a Philippine Sports Museum and the Asian Games Museum which houses the memorabililia of Philippine and Asian sports icons and hall of famers. The current location of the PSM is located at the 2nd floor of the PSC building inside the Rizal Memorial Sports Complex. There was a plan to demolish the site before the PSC's announcement.[2]

In November 22 2016, Manila Mayor Joseph Estrada announced that the city government is making a partnership with businessman Ricky Razon to convert the facility into a commercial center which will include a mall and cinemas.[3] The plan was criticized by the Heritage Conservation Society questioning if Manila needs another shopping mall. The National Commission for Culture and the Arts also stated that the city government of Estrada never consulted the agency regarding their plans on the sports venue in particular despite promising to cooperate with the government body on cultural conservation in a meeting initiated by the Manila government on May 2016.[1]